Only 5% of Nigerians Possess Over ₦500k in Bank Accounts – Finance Minister

Nigeria’s Finance Minister, Wale Edun, Highlights Economic Disparities; Aims for Reform

In a recent interview on Channels Television, Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, revealed startling statistics about the economic disparities in Nigeria. Edun pointed out that a mere 5% of the Nigerian population possesses bank accounts with balances exceeding N500,000. This revelation comes as the government seeks to address the economic imbalances that have benefited a small elite group over the majority of the populace in the past eight years.

The minister emphasized the government’s commitment to ensuring that the nation’s wealth does not remain concentrated in the hands of a few. Edun highlighted the liquidity buildup in the economy prior to President Bola Tinubu’s administration, which largely favored a minority at the expense of the majority. “The issue was that the funds were going to a few. Only about 5% of the population have bank accounts that have more than half a million in them. So, the majority was left out for eight years. They are on the sidelines while a small minority enjoyed,” Edun stated.

The focus of the government’s microeconomic reforms, according to Edun, is to redirect revenue into the government’s treasury and ensure a more equitable distribution of resources. This initiative is part of a broader effort to rectify the economic disparities that have characterized the Nigerian economy and ensure that a wider segment of the population benefits from the nation’s wealth.